If a mortgage was $150,000 and it was taken down to $100,000 by agreement, in the past that $50,000 was a taxable gain. I believe recently--again, this little piece--we took that building block and said: Hey, if you knock it down to $100,000, that $50,000 is no longer a taxable gain; is that correct?
Discussing tax implications of mortgage reductions during a committee meeting.
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